What’s the meaning of oil prices near $60 a barrel? It’s a sign of harmony – a moment when demand is growing, the global economy is strengthening and oil prices are about half of their 2014 peak. Rice Business Professor Bill Arnold explains the large and small global trends behind this equilibrium.

Harvey has disrupted energy infrastructure, and gas shortages — real and anticipated — are resulting in price spikes for gasoline. Prices at the pump tend to rise quickly but drop slowly. The good news is that the energy industry is resilient, and the disruption won’t last forever.